What Should an Estate Plan Include?


Every estate plan should include at least four things:

  1. Health Care Directive– No one will argue that it’s difficult to think of getting older and needing someone else to make health care decisions for them, but the worst thing to do would be to wait until you can’t make those decisions for yourself. By planning for this eventuality now, you can avoid the Terri Schiavo disaster.
  2. Financial Power of Attorney (POA)– This important designation should never be overlooked. The agent assigned to be your power of attorney can assist you with handling your financial decisions such as paying bills when you are no longer able. Choosing someone who is trustworthy is imperative.
  3. Revocable Trust– This document is also called a living trust. This is a trust that you can change while you are still living. This document distributes your estate at your death.
  4. Pour-Over Will– Your will acts as a safety net and pours assets into your trust. It is also where you designate the executor. You can also designate who will become the guardian of your children if something happens to you.

Discuss Your Planning Needs Today

Attorney W. Bailey Smith offers customized planning advice for your unique needs. Call him today at (949) 756-0689 to schedule a free consultation.You can also make your appointment online. Find out how he can give you peace of mind.

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